Market Overview

Mid-Afternoon Market Update: Canada Goose Falls After Q1 Results; Eltek Shares Jump

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Toward the end of trading Wednesday, the Dow traded down 1.33 percent to 25,009 while the NASDAQ fell 1.08 percent to 7,525. The S&P also fell, dropping 1.05 percent to 2,773.

Leading and Lagging Sectors

Materials shares slipped by just 0.1 percent on Wednesday. Meanwhile, top gainers in the sector included Turquoise Hill Resources Ltd. (NYSE: TRQ), up 5 percent, and Lithium Americas Corp. (NYSE: LAC), up 5 percent.

In trading on Wednesday, health care shares fell by 1.1 percent.

Top Headline

Dicks Sporting Goods Inc (NYSE: DKS) reported better-than-expected results for its first quarter.

Dick's Sporting reported quarterly earnings of 61 cents per share, which beat the analyst consensus estimate of 58 cents. The company reported quarterly sales of $1.92 billion, which beat the analyst consensus estimate of $1.9 billion.

The retailer raised 2019 EPS guidance from $3.15-$3.35 to $3.20-$3.40.

Equities Trading UP

Soliton Inc (NASDAQ: SOLY) shares shot up 72 percent to $24.49 on continued strength after the company on Tuesday received FDA 510(k) approval for its acoustic wave device for dermal tattoo clearing.

Shares of ReWalk Robotics Ltd. (NASDAQ: RWLK) got a boost, shooting up 30 percent to $3.8599 after the company received CE mark for its ReStore Exo-Suit stroke rehabilitation device.

Eltek Ltd. (NASDAQ: ELTK) shares were also up, gaining 302 percent to $6.59 after reporting Q1 results. Eltek posted Q1 earnings of $0.12 per share, versus a year-ago loss of $0.33 per share.

Equities Trading DOWN

Abercrombie & Fitch Co. (NYSE: ANF) shares tumbled 26 percent to $18.60 after the company reported downbeat same-store sales for the first quarter and issued a weak outlook. Abercrombie’s same-store sales were up 1 percent, short of estimates for growth of 1.3 percent. The company sees flat comparable store sales for the second quarter. The company will also close three stores.

Shares of Canada Goose Holdings Inc. (NYSE: GOOS) were down 28 percent to $35.34 following Q1 results. Canada Goose reported first-quarter adjusted earnings per share of 9 cents in Canadian dollars, up from 7 cents in the same period last year. The group reported sales of C$156.2 million, up from C$124.8 million in the first quarter of 2018.

Evolent Health, Inc. (NYSE: EVH) was down, falling 24 percent to $10.80. Evolent Health expanded partnership with Passport Health Plan to support medicaid beneficiaries in the commonwealth of Kentucky.

Commodities

In commodity news, oil traded down 0.6 percent to $58.80, while gold traded up 0.3 percent to $1,280.90.

Silver traded up 0.7 percent Wednesday to $14.425, while copper fell 1.2 percent to $2.665.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.43 percent, the Spanish Ibex Index fell 1.21 percent, while Italy’s FTSE MIB Index fell 1.29 percent. Meanwhile, the German DAX declined 1.57 percent, and the French CAC 40 slipped 1.7 percent while UK shares fell 1.15 percent.

Economics

The Johnson Redbook Retail Sales Index rose 1.3 percent during the first three weeks of May versus April.

The Richmond Fed's manufacturing index fell to a reading of 5 for May, versus previous reading of 6.

 

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